Category Archives: Bad credit

FAKO credit score is nothing to care about but …

March 17, 2011   admin   No comments

What is FAKO? It is a derogatory name for all types of credit score algorithms out there other than FICO. The FAKO term stands for a fake and is widely used by credit gurus on virtually every credit forum. Basically, FAKO should be considered useless by almost everyone looking for a loan. It is useless in practically every case, except those very rare occasions when you deal with certain credit unions that do look at FAKO. That what but … in the title is for.

FICO, which stands for Fair Isaac Corporation and its algorithm used to calculate your credit risk and worthiness, is widely accepted as the true credit score. FICO used to offer real TransUnion, Equifax and Experian credit scores.

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  Tags: Credit Score, Score

Can gold confiscation happen in 2011 or 2012 ?

March 10, 2011   admin   No comments

There are quite consistent rumors that our Federal Government will most certainly confiscate gold in 2011 or 2012 or shortly beyond, as soon as the spot price hits $2,000 USD. At this point, the gold confiscation will happen because the US Government won’t be able to print money freely anymore, since the US Treasuries and dollar will be substituted somewhere along the way by the SDR, or Special Drawing Right monetary unit of the new IMF world currency made up of the Euro, Yen, Pound Sterling, Yuan, U.S. dollar and possibly gold. The government will need as much gold as it can get in order to chip in its share directly into the SDR or back US Dollar, which at this point will be like every other paper currency.

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  Tags: 2011 2012, 2012

Closing credit card accounts hurts credit score

March 04, 2011   admin   No comments

If you even contemplate closing credit card accounts, you may want to stop right there. Closing an established credit card account with $0 balance hurts your credit score and does it in more than one way. I did this many times in the past – cut credit card in a few pieces, then call the bank and asked to close the account. Not anymore, today, I would simply put the credit card away and stop using it. But I want keep that account open in good standing and reported as such to the credit reporting agencies. Why? The image above clearly shows you that closing credit card affects credit score in two ways – from Amounts Owed which contributes 30% in to total FICO algorithm, and from Length of Credit History which contributes 15%.

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  Tags: Card Accounts, Credit Card Accounts, Credit Score, Score

Long Term Unsecured Loans: Get out of financial crunches

February 27, 2011   admin   No comments

Most of the time, it happens when you require big amount for long term but due to collateral issue you can not obtain. As per the notion of people, you can only borrow big amount for long duration only when you have collateral to place. However, this statement or thinking is not correct. With the help of long term unsecured loans, individual can easily borrow big amount for long time period without taking risk of property or home. The biggest benefit of this option is that you get fast cash for various requirements. In spite of taking huge risk, lenders do not interfere as far as usage is concerned.

Here are some other benefits of long term unsecured loans:

-    Simple and flexible repayment terms
-    Many online financial companies are offering the same service. Hence

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  Tags: Long Term, Term

Stop paying credit cards – what happens with debt and you

February 20, 2011   admin   No comments

When it comes to advise on credit card debt, you can find plenty of rubbish around the web these days. Just a few days ago, someone I know very well decided to stop paying credit cards. She thinks she knows what happens next. She owes no more than $7,000 in credit card debt to Capital One and Discover. Works as a cashier in a local grocery shop making $8 per hour. The husband is a carpenter who makes around $14. They have very little money in the bank. With $900 monthly rent, cable, two latest cell phones and $400 monthly payment on 2008 Camry, there is not much left after food and other necessities. So the lady found this post, which explains how you can legally stop paying credit cards.

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  Tags: Credit Cards, Debt, Paying Credit, Paying Credit Cards

Debit card fraud protection – use it as credit card

February 10, 2011   admin   No comments

You know that using a debit card is getting more dangerous these days. There are so many ways crooks can steal the number and PIN, and get to your checking account when you make store purchases. And clean that account from your money. All 100 percent. The best protection against debit card fraud is to use a regular credit card. With the credit cards, you are fully protected against fraud. Just may be liable for $50 in certain cases.

But if you insist on charging a debit card, make sure it has either Visa or MasterCard logo. Such cards can be used as credit cards, yet the money will be coming out of the checking account.

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  Tags: Card, Debit Card
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